Press Release
October 1, 2019

STATEMENT OF SENATOR WIN GATCHALIAN ON THE OIL PRICE ROLLBACK

The drone attack on Saudi Arabian Oil Company's (ARAMCO) key facilities more than two weeks ago stoked concerns on the availability of supply and its effect on oil prices in the Philippines, specifically in the transportation sector. With this in mind, we conducted a Senate inquiry last week - to allay the public's fears on the possible oil supply shortage, assure them that the oil price increase we had seen last week was temporary, and prevent unscrupulous traders from taking advantage of the situation.

As we've forecasted, pump prices in the world market are starting to normalize this week, prompting local oil players to rollback prices of gasoline and diesel. Rest assured, the Senate Committee on Energy will continue its mandate as the country's primary watchdog in the energy sector for the benefit of every Filipino.

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